___ is the process of putting together information into a symbolic form to send a message. You want it to be received in the way you intend it to be
Fill in the blank(s) with the appropriate word(s).
Answer: encoding
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Say that Janie is exhibiting the endowment effect as she makes a decision. She is:
A. consuming on the basis of endorsements by celebrities. B. valuing what she already has more because she owns it. C. deciding on the basis of sunk costs. D. buying something she can't really afford right now because she expects to have savings in the future.
If an individual is less careful about avoiding accidents or illness because she has health insurance, this is an example of:
A. the free-rider problem. B. the moral hazard problem. C. the adverse selection problem. D. the Coase theorem.
Capital has a life that typically
A. extends over many years. B. expires as it is being used. C. lasts for less than 1 year. D. never expires.
Social welfare functions require that a society has at least three people living in it.
A. True B. False C. Uncertain